TechFlow News — Grayscale CEO Michael Sonnenshein said that if its application to convert its $30 billion Bitcoin Trust into an exchange-traded fund (ETF) is rejected, Grayscale Investments may sue the U.S. Securities and Exchange Commission (SEC). The SEC's deadline to approve or reject Grayscale's application is July 6. In pursuing legal action, Grayscale will argue that the SEC has already approved ETFs backed by Bitcoin derivatives, yet has repeatedly denied applications for spot ETFs. Spot ETFs track the price of the underlying asset directly, similar to stocks, making it easier for investors to gain exposure to the asset.
Grayscale Investments manages a dozen funds with nearly $40 billion in assets under management. The Grayscale Bitcoin Trust is currently trading at a discount of over 20% compared to its net asset value.
